India's industrial production grows at 4.8 per cent in July 2024

The Index of Industrial Production (IIP) in India witnessed a growth of 4.8 per cent in July on an annual basis against 4.2 per cent in June, as per data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Thursday.

The revised figure for June 2024 is 4.7 per cent.

The three major components of IIP, including mining, manufacturing and electricity, grew at 3.7 per cent, 4.6 per cent and 7.9 per cent respectively.

Consumption in focus

The capital goods segment witnessed a growth of 12 per cent in July 2024, the used-based classification data suggested.

Consumer durables output dipped to 8.2 per cent month-on-month during July as against 8.6 per cent in June, and non-durable consumer goods contracted by 4.4 per cent.

Infrastructure and construction related goods slowed to 4.9 per cent in July 2024 against 11.4 per cent in the same month in 2023, on a YoY basis.

Moreover, the data stated that in contrast to last year, the output of primary goods contracted to 5.9 per cent in July 2024 as against 7.6 per cent YoY.

The factory output growth measured in terms of the Index of Industrial production (IIP) had recorded a growth of 5.7 per cent in July 2023, according to the government data.

The previous high of IIP was recorded at 11.9 per cent in October 2023, which slowed to 2.5 per cent in November, 4.2 per cent in December and 4.1 per cent in January 2024.